Brent Crude Oil Prices Plummet Amid Iran-US Tensions
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Brent crude oil prices fell significantly on Monday, August 2, due to hopes of a diplomatic solution between the US and Iran. The Brent crude futures contract fell by $6.35 (7%) to $83.77 per barrel, its lowest level in three weeks. The US West Texas Intermediate (WTI) crude futures contract also fell significantly, reaching its lowest closing level since July 13. The price decline was also influenced by data showing that US strategic petroleum reserve stocks had fallen to their lowest level since 1983.
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